AI and medical imaging data firm Flywheel raises $54M in series D financing
Flywheel, an AI and medical imaging data-management platform, has raised $54 million in series D financing, the company announced Tuesday.
The figure balloons Flywheel’s financing total to more than $100 million spread across over a dozen investors, according to Crunchbase. Novalis LifeSciences and NVentures (software firm Nvidia’s venture capital arm) co-led this latest round, with other investors such as Microsoft, Hewlett Packard Enterprise and Gundersen Health System also contributing.
Flywheel said the funds will fuel growth in the company’s two primary markets: public sector healthcare and pharmaceuticals. Leaders also are eyeing expansion in Europe and among providers, payers and software companies, allowing them to harness the company’s files for scientific purposes.
“Flywheel’s products transform healthcare innovation by empowering organizations to efficiently and securely ingest, curate and share medical imaging data for accelerated research and AI development,” Flywheel CEO Jim Olson said in a June 27 announcement.
As part of the funding round, Marijn E. Dekkers, PhD, chairman and founder of Novalis LifeSciences, a boutique venture capital firm, will join Flywheel’s board. The former Bayer AG CEO said he sees promise in using the company’s platform to develop new pharmaceuticals.
“We believe Flywheel’s unique software solutions enable the smarter use and interpretation of the vast amounts of information associated with large numbers of medical imaging scans,” he said in the announcement. “We are particularly excited about the ability of these tools to drive more efficient and faster drug development processes in the biopharma industry.”
Read Radiology Business’ previous coverage of Flywheel below.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.